28) The table below depicts the average cumulative default rates in % for the period 1970-2010 for investment-grade bonds. The unconditional probabilit default that an A-rated bond will default during the fourth year is: Time (yes) 2 3 4 5 7 10 15 20 0.000 0.013 0.013 0.037 0.104 0.244 0.494 0.918 1.090 0.021 0.059 0.103 0.184 0.273 0.443 0.619 1.260 2.596 0.055 0.177 0.362 0.549 0.756 1.239 2.136 3.657 6.019 Baa 0.181 0.510 0.933 1.427 1.953 3.031 4.904 8.845 12.411 Ba 1.157 3.191 5.596 8.146 10.453 14.440 20.101 29.702 36.867 B 4.465 10.432 16.344 21.510 26.173 34.721 44.573 56.345 62.693 Caa 18.163 30.204 39.709 47.317 53.768 61.181 72.384 76.162 78.993 Source: Moody's 0.549% 0.362% 0.184% 0.187%